Louisbourg's Strategic Shifts
Louisbourg Investments Adjusts Portfolio, Significantly Boosting CoStar Group While Trimming Energy and Retail Stakes
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Key Points
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CoStar Group has an exceptionally high price-earnings ratio of 504.25, a PEG ratio of 0.78, and a beta of 0.72, highlighting a growth‑heavy valuation and relatively modest volatility versus the broader market.
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ConocoPhillips displays a one-year price range of $85.57 to $135.87, a market cap around $128.69 billion, a P/E of 17.93, a PEG of 1.17, and a beta of 0.11, signaling a sizable, relatively low‑volatility energy name in Louisbourg's portfolio context.
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Suncor Energy’s stock carries a P/E around 14.14 and a beta near 0.27; Louisbourg ended the quarter with 82,220 shares valued at about $5.43 million after selling 14,359 shares.
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Rogers Communications saw ongoing interest from other funds; for example, Monarch Capital Management increased its stake to 59,746 shares worth approximately $2.30 million.
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Ross Stores attracted activity from other investors as well, with Thurston Springer Miller Herd & Titak Inc. boosting its stake to 142 shares, valued around $26,000—an increase of about 7,000% in the quarter.
Louisbourg Investments Inc. made sharp cuts to several major holdings in Q1 2026, slashing its Rogers Communications stake by 51.5% and its Ross Stores position by 72.6%, while nearly doubling its bet on CoStar Group. The Moncton-based firm, which manages over $3.1 billion in assets, ended the quarter holding 175,086 CoStar shares worth about $7.06 million — up 93.8% from the prior quarter, according to SEC filings.
The moves signal a deliberate rotation away from low-volatility energy names and discount retail toward a high-growth real estate data platform. Taken together, the trades reflect active, high-conviction portfolio management rather than a single thematic bet, according to analysts tracking the filings via MarketBeat.
CoStar Bet Doubles as Energy Stakes Get Trimmed
Louisbourg nearly doubled its CoStar Group (CSGP) position, adding enough shares to bring its total to 175,086 — a 93.8% jump in one quarter. CoStar is now the fund's 22nd-largest holding. The move is striking given CoStar's sky-high price-to-earnings ratio of 504.25, far above the broader market average of 44.39, according to MarketBeat.
At the same time, Louisbourg trimmed its ConocoPhillips stake by 12%, selling 6,030 shares and finishing with 44,113 shares worth about $5.82 million. It also cut its Suncor Energy position by 14.9%, selling 14,359 shares and ending with 82,220 shares valued at roughly $5.43 million. ConocoPhillips carries a beta of just 0.11 — meaning it barely moves with the broader market — while Suncor's beta sits at 0.27. By reducing both names, Louisbourg is giving up stability in exchange for growth.
CoStar's Wild Valuation Divides Analysts
CoStar's P/E of 504.25 sounds alarming, but its PEG ratio — which measures price relative to expected earnings growth — sits at just 0.78. A PEG below 1.0 typically suggests a stock is undervalued relative to its growth rate. Analysts at Stockchase describe CoStar as a "long-term buy on weakness," pointing to its dominant market position and its $800 million Zonda acquisition.
The company has not been without controversy. Activist investor Third Point LLC pressured CoStar's board in early 2026, calling its Homes.com strategy "detached from reality." CoStar responded by forming a Capital Allocation Committee and launching a $1.5 billion share repurchase program. CEO Andrew Florance bought over 127,000 shares in the past six months to signal his own confidence, according to Quiver Quantitative.
Rogers and Ross Stores See Steep Selloffs
Louisbourg cut its Rogers Communications position in half, dropping 51.5% to just 126,901 shares worth about $4.87 million. The timing is notable. Rogers CEO Tony Staffieri celebrated a "ninth straight quarter of momentum" in April 2026, citing 28% total revenue growth after the Shaw merger, according to Rogers Communications. Yet institutional sellers like Louisbourg are moving the other way.
Not everyone is fleeing Rogers. Monarch Capital Management increased its stake to 59,746 shares worth roughly $2.30 million in the same period, per MarketBeat. Meanwhile, Louisbourg slashed Ross Stores by 72.6%, keeping just 6,092 shares valued at $1.22 million. In a quirky counterpoint, Thurston Springer Miller Herd and Titak Inc. boosted its Ross position by about 7,000% — though it started from nearly nothing and ended with just 142 shares worth around $26,000.
Louisbourg's Four-Pillar Strategy Drives Risk Shift
Louisbourg runs its portfolio through what it calls a "Four-Pillar" framework: attractive business models, solid balance sheets, sustainable operations, and compelling valuations, according to Louisbourg Investments. The Q1 moves suggest the firm now sees CoStar as hitting all four marks — even at a P/E above 500 — while energy and retail names have lost their edge.
The practical effect is a portfolio that now carries more volatility. CoStar's beta of 0.72 is much higher than ConocoPhillips' 0.11 or Suncor's 0.27. By shifting money from energy into growth tech, Louisbourg is moving from capital preservation toward wealth growth — a meaningful stance change heading into the second half of 2026, as noted by analysts at Simply Wall St.
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